When people find themselves in overwhelming debts that they cannot manage, filing for bankruptcy can be a better way to get out of such debt. There are two options which are available to an individual when filling bankruptcy. The first option for filing bankruptcy is Chapter Seven bankruptcy. This option is also referred to as liquidation bankruptcy. In this option, an individual like Mary can have most, if not all of her dischargeable debts dismissed. In exchange, some of their assets may be sold to pay the creditors (Lee, 2007).
The second option of bankruptcy is called Chapter 13 bankruptcy. This option applies to both individuals and businesses. Chapter 13 bankruptcy helps individuals reorganize their debts into flexible repayment options. This method allows the debtors to pay off their debts for over some years. Depending on some factors, individuals may pay some, or all the amounts through their repayment plan (Lee, 2007).
The availability of these two options to many can be a problem to Mary. This is because her disposable income may not be enough to repay the debts. The amount of the combined loan is much higher than her disposable income.
Factors that Mary can consider in making her decisions.
Here is what I would recommend to Mary:
I would recommend her to attend a credit counselling before filing bankruptcy- credit counselling agencies can help her negotiate with the creditors, which can be stressful on her own. They can also help her create a realistic budget.
Lee, S. H., Peng, M. W., & Barney, J. B. (2007). Bankruptcy law and entrepreneurship
Development: A real options perspective. Academy of Management Review, 32(1), 257-272.
Plagiarism Free Papers
All papers are written by the best professional writers to ensure 100% originality. We always provide plagiarism reports whenever we deliver completed papers.
All papers by Grand Paper Writers are completed and submitted on time. This timely delivery of papers gives you time to go through the paper before the official deadline.
As an additional service, we will provide a title page that precedes the contents of your paper. Here, you will provide your personal details.
We also ensure that we provide an extra page for the references or bibliographies following referencing rules.
Originality & Security
At Grandpaperwriters.com, we guarantee students for the provision of security and original work. All your personal information is handled with confidentiality and is not shared with third parties. Additionally, we ensure that we provide original content with accompanying plagiarism reports to show originality.
24/7 Customer Support
Our customer support team is always available 24/7 to provide instant responses to any queries raised by students.
Try it now!
How it works?
Follow these simple steps to get your paper done
Place your order
Fill in the order form and provide all details of your assignment.
Proceed with the payment
Choose the payment system that suits you most.
Receive the final file
Once your paper is ready, we will email it to you.
Grandpaperwriters.com has the best professional essay writers for quality services.
Here, a Grandpaperwriters.com, we do not compromise on the time of our clients. We always deliver all completed papers on or before the deadlines.
Admission Help & Client-Writer Contact
Grandpaperwriters.com provides an interactive portal where students can communicate directly to their writers.
Grandpaperwriters.com appreciates feedback from our clients to help us improve the delivery of essay writing services. As such, we are constantly changing our policies to ensure maximum customer and writer satisfaction.